5-Mistakes buyers should avoid while purchasing property

No doubt that buying a home is not only a lifetime affair and is for lives thereafter as well. That is the reason why people get too attached and emotional and often forget to analyze one’s actions and fail to take a practical decision. The reasons are many. Quite often one invests one’s life time savings and one thus decides to finalize the deal and make it picture perfect and in that reality is most of the time ignored. The trend watchers, the veteran realtors and the experienced sales personnel of the realty industry have often seen people losing the big and good deals because of such reasons. In this article the veterans make the public aware with their experience and oft faced dos and don’ts.

Know the Worth of the Property before Investing

Avoid paying too much on a property

"Your over payment on a property should have a justification"

The realtors predict that real estate has cycles but the householder most of the times does not follow it and enter the market for buying property when he or she is in a good financial state. What has been observed by them is that many people invest more on a property they like in an area whose prices may have increased the maximum at the peak period. In that case the buyer is already paying a high premium choking the growth of rate of return on investment. We have already discussed on the misconceptions of property seller where seller modify property price as per their requirements so be careful on the property price.

Don’t overestimate the infrastructure growth

"Over confidence on the growth prospects can snarl-up your 
bargaining skills"

   Over Estimation Can lead you into a Trap   

Many a times the realtors have observed that due to a property that the buyer likes are over estimates the growth of the infrastructure around the place and agree to the bargain of the seller. If you count on the property to increase the value and you buy the property on that assumption then one is exposing oneself on to too much of risk just in case some untoward happening strikes and the expectation is not met. The realtors remark that one should go and enquire about the plans of the infrastructure in the area in the local government office and then only take a decision. 

Don’t be trapped by cheap properties

"You might not be so lucky to have a good property in cheap price"

The realtors say there is always a good reason why a property is sold at a rate comparatively cheaper than the properties in the adjoining areas. One should raise the question that if a property is cheap then why anyone didn’t grab the offer earlier. The veterans caution that usually the cheaper properties may have legal litigation and other problems attached to it. It may be that you are buying a property that is being notified by the government to be acquired for public work. So it is always advisable to take due notice and enquire thoroughly before embarking or buying a property at a cheaper price. One of the finest example is TGS Layouts where they offer gifts and discounts on their projects from time to time. Any new buyers of residential land can always drop their reviews or complaints on the property of TGS Layouts.

                  Showing your Emotional Attachments to a Specific Property is wrong             

Don’t be too attached with a property

Everyone has a mindset view of his/her property and your agent’s job is to find that from you. The selling agent will always try to make you fall in love with the project. Once you are too attached with a property you may ignore doing the due diligence of the property and may land up in trouble.

               Dreaming For a property              

Being too attached with a property often makes one too biased and unaware of the faults and follies that one needs to take into account and investigate.

"A home is much costlier than a house"

Don’t wait for your dream home

It is not advisable to wait for the property that one wants and then miss the good opportunities that one gets along. It is always better to equate the pros and cons of each and every deal and evaluate it with prudence and then accept or reject the offer.
"Don’t wait for opportunity even a blunder in right place is worth full than your cleverness’ in wrong place"

Clearing The Misconceptions of Property Sellers

Pricing of homes is a crucial factor say the expert realtors in which many fails because of some psychological blocks and a lack of insight of the market. The realtors remark that the sellers especially the domestic sellers have lot of misconceptions regarding the market due to which these mistakes are likely to happen. Pricing, they insist is the most important part of getting a property sold quickly.  The expert market watchers opine that after putting any property for sale the first few weeks are the most crucial period of time. They add that one has to catch a momentum of buyers flowing in and keep that up and they also need to ensure that the buyers are watching the property which will keep an inflow of offers flowing in. If the marketing of the property is done fairly well the property is of course easy to sell.

The expert realtors remark that there are oft quoted three misconceptions that the sellers of properties can be attributed with. They are:

• They tend to price the properties higher as they know there will be fair amount of bargaining which will reduce their sale proceed.
•   They also test the market by quoting higher prices to verify if there are takers at higher prices.
• The sellers are also in search of a wild card buyer who they presume will buy at a higher price than the property value hoping that they will fall in love with the property. 

The market watchers of course point out that there are measures to be taken to see that the property is sold out faster. The preparation starts from advertisements like local listing, Newspaper adds, pamphlets, attractive designed broachers and sometime exciting offers. Praising the customer or pampering him is also one of the important steps that the seller can take in order to make the buyer interested in the property. Most of the cases property sellers have a bunch of existing customer testimonials, reviews or feedback which they use as a marketing purpose.

In this context the realtors insist that while pricing the property it is always advisable to consider the overall market conditions and the local market aspects too. One has to understand the market conditions and the other factors like proposed infrastructure and the like before one fixes the prices. They add that value is added for a property if it has more bedrooms or more square area. This entails more value for the property. If the property is similar to the properties on the market for sale in the same area and they are sitting in the market place for quite some time then one needs to be cautious. In that case the realtors advise to price the properties a little lower than the ones already there. The reasons are that if there are three properties already in the market priced similarly and are not selling, then it’s most likely that yours will also not sell. If one is serious about selling the property the expert advice is to keep the price right. They comment that one would be amazed to see the amount of enquiries flowing in if the pricing is done correctly.